Monday 21 May 2018

NAMA states it has just 9pc of overall debt left to repay

Frank Daly, Chairman of NAMA arriving for the meetng of the Dail Public Accounts Committee at Leinster House. Photo: Tom Burke
Frank Daly, Chairman of NAMA arriving for the meetng of the Dail Public Accounts Committee at Leinster House. Photo: Tom Burke

Sean Duffy

The National Asset Management Agency (NAMA) has released its annual results for 2016.

The Sate agency generated a total of €5.8bn last year, which included €5.1bn in loan and assets sales during the period.

NAMA also stated that it now has just 9pc of the overall debt (€2.6bn) remaining to repay senior bondholders having paid a total of €27.6bn to date.

Crucially, the agency said that it remains on course to deliver a final profit to the taxpayer of €2.3bn by the time it completes its work.

The agency also revealed that 2,400 social housing units were completed by the end of this year. Pressure has come on the Government in recent weeks to use soe of NAMA’s remaining assets to help solve the homelessness crisis.

The number of ghost estates around the country has also dipped dramatically since the onset of the recession. NAMA said that there are now just 26 unfinished housing estates across the country, compared with 332 back in 2010.

The number of assets still under Nama control could provide around 2,000 residential units as well as 4m square feet in commercial real estate space. NAMA said that 82pc of these sites have already received planning permission or are in the final stages of the planning process.

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